August 19, 2011
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Company Culture
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Sure, you already know that the economy is, well, kind of in the dumps. But does that mean that entrepreneurs cannot grow a successful business? Not by a long shot!
In a down economy, it pays to think about those businesses that can thrive and offer people something they need during these trying times.
Public thinking
When you begin to think about the economy from the consumer’s point of view, things become clearer and will help you be successful in picking a type of business to open. Put yourself in the shoes of consumers and determine some of the products or services that they will still need—and purchase—during a recession.
Right off the bat, things like bankruptcy law firms and pawn shops may come to mind. But not everyone has the means, ability or desire to go that route. That’s okay; there are plenty of other options. Here is a list of some industries that are a safer bet to be in during a dying economy:
1. Collection agency
More and more people will not have the money to pay their bills right away, so demand for collection services will continue to grow. The work is there, and if you are successful at working with people, you may have a lucrative business on your hands.
2. Self storage
Consider how many people are losing their homes to foreclosure. That alone is creating a need for storage space. People are switching from a home to an apartment and need somewhere to store their belongings until they get back on their feet.
3. Virtual assistant
As more companies lay people off, they find that they still have a lot of administrative work that needs to be done. This creates the perfect opportunity for virtual assistants. Plus, their potential customer pool is nationwide, so they can tap into geographic areas where the economy is stronger.
4. Moving company
With so many people relocating, there will still be a need for moving assistance. Even in a down economy, people will often find a way to pay for the salvation from back-breaking work.
5. Resume writing
Open up a home-based resume writing service—there is a good chance you'll have plenty of work to keep you busy. Many people are opting for the professional approach to having their resume written, in hopes that it helps up their chances of being hired.
6. Auto repossession
Just like with home foreclosures, there are many people who are defaulting on their auto loans. That means there is a lot of business for those providing auto repo services.
7. Government contracts
I hate to say this, but no matter how bad the economy is, the government keeps on a spending. Even with all the posturing going on, spending isn't going to go away any time soon. There are many opportunities for government contracts if you have a product or service they need.
Picking an industry
While some people may think that starting a business in a dying economy is asking for trouble, I say otherwise because it can create drive and give you new industry opportunities. If you can fill a need, you will have a successful business, regardless of what type of economy it is.
To start a new business in a dying economy, take the time to look at the immediate needs that consumers have. Their needs will be different than in the thriving economies of the past (and future), but they are still spending money; it’s just in different areas. Determine what those areas are, and you can turn this big old lemon into lemonade.
Check your balance, review recent transactions and pay your bill on the go.
HealPay 9 months ago
collection agency! great call